Investments

12 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

4. INVESTMENTS

Purchases of investments, including PIK interest, for the years ended September 30, 2025, 2024, and 2023 totaled $1,746.6 million, $1,411.2 million, and $325.8 million, respectively. Sales and repayments of investments for the same years totaled $925.7 million, $514.1 million, and $399.1 million, respectively.

Investments and cash and cash equivalents consisted of the following (in thousands):


	September 30, 2025				September 30, 2024
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	2,289,071	$	2,275,982	$	1,521,496	$	1,509,048
First lien in PSSL		237,650		237,650		237,650		237,650
Second Lien		995		995		—		—
Subordinated Debt		17,387		17,986		2,632		2,693
Equity		150,565		196,397		131,312		177,635
Equity interests in PSSL		123,725		44,318		101,850		56,478
Total investments		2,819,393		2,773,328		1,994,940		1,983,504
Cash and cash equivalents		122,684		122,688		112,046		112,050
Total investments and cash and cash equivalents	$	2,942,077	$	2,896,016	$	2,106,986	$	2,095,554

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:


Industry Classification	September 30, 2025 (1)										September 30, 2024 (1)
	Cost		Fair Value		Fair Value Percentage			Net asset value Percentage			Cost		Fair Value		Fair Value Percentage			Net asset value Percentage
Professional Services	$	252,226	$	248,621		10	%		23	%	$	141,651	$	138,183		8	%		16	%
Aerospace and Defense		222,607		236,703		10	%		22	%		122,683		124,433		7	%		14	%
Healthcare Providers and Services		195,695		199,549		8	%		19	%		110,125		107,683		6	%		12	%
Business Services		171,987		169,086		7	%		16	%		54,229		53,510		3	%		6	%
Media		169,182		169,013		7	%		16	%		77,787		77,895		5	%		9	%
IT Services		123,257		125,392		5	%		12	%		101,336		102,781		6	%		12	%
Diversified Consumer Services		121,706		120,861		5	%		11	%		86,409		85,526		5	%		10	%
Construction & Engineering		106,806		110,299		4	%		10	%		72,925		74,294		4	%		8	%
Healthcare Technology		103,230		105,500		4	%		10	%		78,061		79,142		5	%		9	%
Personal Products		99,851		99,069		4	%		9	%		96,231		100,812		6	%		11	%
Leisure Products		97,385		95,499		4	%		9	%		76,093		74,296		4	%		8	%
Distributors		84,194		88,795		4	%		8	%		71,230		72,818		4	%		8	%
Commercial Services & Supplies		70,373		73,060		3	%		7	%		67,197		68,146		4	%		8	%
All Other		73,604		62,335		0	%		6	%		130,475		119,515		8	%		14	%
High Tech Industries		41,135		56,769		2	%		5	%		47,696		65,780		4	%		7	%
Manufacturing/Basic Industry		56,192		56,192		2	%		5	%		—		—		0	%		0	%
Electronic Equipment, Instruments, and Components		43,733		44,241		2	%		4	%		71,102		71,428		4	%		8	%
Internet Software and Services		39,660		40,012		2	%		4	%		21,222		21,223		1	%		2	%
Healthcare, Education and Childcare		36,349		36,530		1	%		3	%		25,265		25,534		2	%		3	%
Automobiles		34,935		34,207		1	%		3	%		13,293		12,704		1	%		1	%
Auto Components		31,104		32,224		1	%		3	%		28,834		29,915		2	%		3	%
Healthcare Equipment and Supplies		29,575		31,850		1	%		3	%		14,266		14,972		1	%		2	%
Government Services		28,870		29,837		1	%		3	%		—		—		0	%		0	%
Consumer Services		28,840		28,878		1	%		3	%		16,747		13,567		1	%		2	%
Independent Power and Renewable Electricity Producers		20,028		21,134		1	%		2	%		—		—		0	%		0	%
Building Products		20,322		19,964		1	%		2	%		13,959		14,046		1	%		2	%
Marketing Services		19,307		19,365		1	%		2	%		15,854		15,854		1	%		2	%
Software		17,716		17,453		1	%		2	%		2,583		3,016		0	%		0	%
Capital Equipment		13,571		15,106		1	%		1	%		17,839		18,959		1	%		2	%
Gaming		14,852		14,974		1	%		2	%		—		—		0	%		0	%
Metals and Mining		14,437		14,447		1	%		1	%		11,388		11,492		1	%		1	%
Air Freight and Logistics		14,122		13,785		1	%		1	%		8,333		8,426		0	%		1	%
Consulting Services		12,769		12,761		1	%		1	%		—		—		0	%		0	%
Food Products		12,681		12,602		1	%		1	%		12,239		12,663		1	%		1	%
Event Services		12,215		12,592		1	%		1	%		—		—		0	%		0	%
Media: Diversified and Production		12,478		11,534		0	%		1	%		40,987		63,417		4	%		7	%
Consumer products		11,024		11,121		0	%		1	%		7,401		7,346		0	%		1	%
Total	$	2,458,018	$	2,491,360		100	%		232	%	$	1,655,440	$	1,689,376		100	%		190	%

(1)

Excludes investments in PSSL.

PennantPark Senior Secured Loan Fund I LLC

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of September 30, 2025 and September 30, 2024, PSSL had total assets of $1,153.7 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 117 and 109 portfolio companies, respectively. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. As of September 30, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.3 million and the five largest investments totaled $97.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of September 30, 2025 and September 30, 2024, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $123.7 million ($65.6 million remaining unfunded) and $101.9 million (zero remaining unfunded), respectively.

We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the

presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

In December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt is scheduled to mature in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary.

In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the “2035 Asset-Backed Debt”. The 2035 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO VI, LLC, a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt is scheduled to mature in April 2035. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC

In May 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.

In April 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes,which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi)$18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's secured revolving credit facility.

Below is a summary of PSSL’s portfolio at fair value ($ in thousands):


	September 30, 2025			September 30, 2024
Total investments	$	1,084,649		$	913,281
Weighted average cost yield on income producing investments		10.1	%		11.4	%
Number of portfolio companies in PSSL		117			109
Largest portfolio company investment	$	20,901		$	21,274
Total of five largest portfolio company investments	$	99,270		$	97,292

Below is a listing of PSSL’s individual investments as of September 30, 2025 (par and $ in thousands):


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par or Number of Shares		Cost		Fair Value (2)
First Lien Secured Debt - 2,106.3% of Net Assets
ACP Avenu Buyer, LLC	10/6/2023	10/2/2029	Business Services	9.29%	SOFR+500		14,825	$	14,649	$	14,677
ACP Falcon Buyer, Inc.	8/22/2023	8/1/2029	Business Services	9.79%	SOFR+550		18,573		18,304		18,759
Ad.net Acquisition, LLC	5/24/2021	5/7/2026	Media	10.26%	SOFR+626		11,610		11,566		11,610
Aechelon Technology, Inc.	4/10/2025	8/16/2029	Aerospace and Defense	9.91%	SOFR+575		11,640		11,640		11,640
AFC-Dell Holding Corp.	12/23/2024	4/9/2027	Distributors	9.83%	SOFR+550		7,608		7,576		7,570
Aphix Buyer, Inc.	9/3/2025	7/17/2031	Business Services	8.91%	SOFR+475		9,000		8,951		8,955
Alpine Acquisition Corp II (4)	10/11/2022	11/30/2026	Containers and Packaging				13,154		13,012		6,840
Anteriad, LLC (f/k/a MeritDirect, LLC)	4/10/2025	6/30/2026	Media: Advertising, Printing & Publishing	9.90%	SOFR+575		4,434		4,357		4,434
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	4/11/2023	6/30/2026	Media: Advertising, Printing & Publishing	9.90%	SOFR+575		4,375		4,360		4,375
Arcfield Acquisition Corp.	11/11/2024	10/28/2031	Aerospace and Defense	9.31%	SOFR+500		5,955		5,946		5,925
Archer Lewis, LLC	11/22/2024	8/28/2029	Commercial Services & Supplies	9.75%	SOFR+575		9,900		9,821		9,900
Argano, LLC	1/9/2025	9/13/2029	Business Services	9.89%	SOFR+575		9,900		9,819		9,752
Azureon, LLC (F/K/A Tpcn Midco, LLC)	4/10/2025	6/26/2029	Diversified Consumer Services	9.75%	SOFR+575		4,975		4,865		4,831
Beacon Behavioral Support Services, LLC	10/9/2024	6/21/2029	Healthcare and Pharmaceuticals	9.50%	SOFR+550		17,748		17,549		17,748
Best Practice Associates, LLC	4/10/2025	11/8/2029	Aerospace and Defense	10.91%	SOFR+675		14,925		14,792		14,813
Beta Plus Technologies, Inc.	7/21/2022	7/2/2029	Business Services	9.75%	SOFR+575		4,850		4,794		4,802
Big Top Holdings, LLC	6/26/2024	3/1/2030	Business Services	9.25%	SOFR+525		14,671		14,458		14,671
BioDerm, Inc.	2/28/2023	1/31/2028	Healthcare and Pharmaceuticals	10.77%	SOFR+650		8,798		8,730		8,688
Blackhawk Industrial Distribution, Inc.	6/30/2022	9/17/2026	Distributors	9.40%	SOFR+540		14,816		14,714		14,557
BLC Holding Company, Inc.	4/10/2025	11/20/2030	Business Services	8.50%	SOFR+450		4,975		4,952		4,975
Boss Industries, LLC	4/10/2025	12/27/2030	Independent Power and Renewable Electricity Producers	9.00%	SOFR+500		4,975		4,904		4,975
Burgess Point Purchaser Corporation	10/3/2022	7/25/2029	Automotive	9.51%	SOFR+535		438		416		378
By Light Professional IT Services, LLC	8/28/2025	7/15/2031	High Tech Industries	9.66%	SOFR+550		5,000		5,000		4,963
C5MI Acquisition, LLC	3/7/2025	7/31/2029	IT Services	10.00%	SOFR+600		14,850		14,670		14,850
Capital Construction, LLC	8/28/2025	10/22/2026	Consumer Services	9.89%	SOFR+590		4,263		4,236		4,220
Carisk Buyer, Inc.	10/16/2024	12/3/2029	Healthcare Technology	9.00%	SOFR+500		9,925		9,863		9,925
Carnegie Dartlet, LLC	4/11/2025	2/7/2030	Media: Advertising, Printing & Publishing	9.66%	SOFR+550		15,090		14,897		14,939
Cartessa Aesthetics, LLC	4/11/2023	6/14/2028	Distributors	10.00%	SOFR+600		9,441		9,359		9,441
Case Works, LLC	4/10/2025	10/1/2029	Professional Services	9.25%	SOFR+525		14,887		14,783		14,218
CF512, Inc.	12/27/2021	8/20/2026	Media	10.36%	SOFR+619		6,483		6,447		6,418
Commercial Fire Protection Holdings, LLC	11/26/2024	9/23/2030	Commercial Services & Supplies	8.50%	SOFR+450		19,837		19,746		19,837
Confluent Health, LLC	1/12/2024	11/30/2028	Healthcare and Pharmaceuticals	11.66%	SOFR+750		6,637		6,479		6,206
CJX Borrower, LLC	7/29/2021	7/13/2027	Media	10.08%	SOFR+576		3,735		3,708		3,735
Crane 1 Services, Inc.	4/11/2023	8/16/2027	Commercial Services & Supplies	10.03%	SOFR+586		2,046		2,034		2,031
DRI Holding Inc.	9/15/2022	12/21/2028	Media	9.51%	SOFR+535		2,574		2,429		2,522
DRS Holdings III, Inc.	1/27/2021	11/3/2025	Consumer Goods: Durable	9.41%	SOFR+525		4,487		4,487		4,532
Duggal Acquisition, LLC	4/10/2025	9/30/2030	Marketing Services	8.75%	SOFR+475		4,950		4,909		4,950
Dynata, LLC - First Out Term Loan (5)	7/15/2024	7/17/2028	Diversified Consumer Services	9.46%	SOFR+526		1,347		1,273		1,341
Dynata, LLC - Last Out Term Loan	7/15/2024	10/16/2028	Diversified Consumer Services	9.96%	SOFR+576		8,354		8,354		6,802
EDS Buyer, LLC	4/11/2023	1/10/2029	Electronic Equipment, Instruments, and Components	8.75%	SOFR+475		8,776		8,694		8,797
Emergency Care Partners, LLC	11/11/2024	10/18/2027	Healthcare Providers and Services	9.00%	SOFR+500		5,940		5,911		5,940
Exigo Intermediate II, LLC	11/21/2022	3/15/2027	Software	10.51%	SOFR+635		12,416		12,335		12,416
ETE Intermediate II, LLC	6/12/2023	5/29/2029	Diversified Consumer Services	9.16%	SOFR+500		12,124		11,950		12,124
EvAL Home Care Solutions Intermediate, LLC	7/10/2024	5/10/2030	Healthcare and Pharmaceuticals	9.91%	SOFR+575		8,822		8,704		8,822
GGG MIDCO, LLC	4/10/2025	9/27/2030	Diversified Consumer Services	9.00%	SOFR+500		19,573		19,491		19,573
Global Holdings InterCo, LLC	6/8/2021	3/16/2026	Diversified Financial Services	9.74%	SOFR+560		3,505		3,503		3,505
Graffiti Buyer, Inc.	3/15/2022	8/10/2027	Trading Companies & Distributors	9.80%	SOFR+560		3,685		3,660		3,611
Halo Buyer, Inc.	5/22/2025	8/7/2029	Consumer Products	10.16%	SOFR+600		6,468		6,344		6,468
Hancock Roofing And Construction, LLC	1/27/2021	12/31/2026	Insurance	9.60%	SOFR+550		2,112		2,100		2,091
Harris & Co, LLC	11/26/2024	8/9/2030	Professional Services	9.16%	SOFR+500		19,800		19,650		19,627
HEC Purchaser Corp.	4/10/2025	6/17/2029	Healthcare and Pharmaceuticals	8.87%	SOFR+500		3,606		3,572		3,606
Hills Distribution, Inc.	5/3/2024	11/8/2029	Business Services	10.32%	SOFR+600		8,867		8,761		8,867
HW Holdco, LLC	4/11/2023	5/11/2026	Media	9.90%	SOFR+590		3,441		3,431		3,441
Imagine Acquisitionco, Inc.	3/15/2022	11/15/2027	Software	9.29%	SOFR+510		9,060		8,961		9,060
Infinity Home Services Holdco, Inc.	4/11/2023	12/28/2028	Commercial Services & Supplies	10.16%	SOFR+600		5,968		5,891		5,968
Inovex Information Systems Incorporated	3/3/2025	12/17/2030	Software	9.25%	SOFR+525		8,143		8,087		8,143
Inventus Power, Inc.	7/11/2023	1/15/2026	Consumer Goods: Durable	11.78%	SOFR+761		8,081		8,062		8,081
Kinetic Purchaser, LLC	11/30/2021	11/10/2027	Personal Products	10.15%	SOFR+615		13,492		13,344		11,468
Lash OpCo, LLC	10/14/2021	2/18/2027	Personal Products	12.16%	SOFR+785		15,508		15,400		15,120
LAV Gear Holdings, Inc. - Takeback TL (5)	7/31/2025	7/31/2029	Capital Equipment	10.10%	SOFR+594		7,612		7,612		7,612
LAV Gear Holdings, Inc. - Priority TL (5)	7/31/2025	7/31/2029	Capital Equipment	10.10%	SOFR+594		2,409		2,381		2,967
Lightspeed Buyer, Inc.	1/27/2021	2/3/2027	Healthcare Providers and Services	8.75%	SOFR+475		16,232		16,187		16,232
LJ Avalon Holdings, LLC	4/11/2023	2/1/2030	Environmental Industries	8.77%	SOFR+450		2,533		2,497		2,533
Loving Tan Intermediate II, Inc.	10/25/2023	5/31/2028	Personal Products	9.00%	SOFR+500		12,279		12,164		12,279
Lucky Bucks, LLC - First-Out Term Loan (5)	12/1/2023	10/2/2028	Hotel, Gaming and Leisure	11.66%	SOFR+765		256		256		238
Lucky Bucks, LLC - Last-Out Term Loan	5/20/2024	10/2/2029	Hotel, Gaming and Leisure	11.66%	SOFR+765		529		529		426
MAG DS Corp.	9/27/2023	4/1/2027	Aerospace and Defense	9.60%	SOFR+560		2,193		2,146		2,184
Marketplace Events Acquisition, LLC	1/13/2025	12/19/2030	Media	9.12%	SOFR+525		16,915		16,769		16,915
MBS Holdings, Inc.	6/8/2021	4/16/2027	Internet Software and Services	9.30%	SOFR+510		8,244		8,186		8,244
MDI Buyer, Inc.	4/11/2023	7/25/2028	Chemicals, Plastics and Rubber	8.95%	SOFR+475		6,251		6,181		6,251
Meadowlark Acquirer, LLC	1/29/2022	12/10/2027	Professional Services	9.65%	SOFR+565		2,323		2,303		2,323
Medina Health, LLC	11/6/2023	10/20/2028	Healthcare and Pharmaceuticals	10.25%	SOFR+625		18,833		18,613		18,927


Issuer Name	Acquisition	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value (2)
Megawatt Acquisitionco, Inc.	4/29/2024	3/1/2030		Electronic Equipment, Instruments, and Components	9.25%			SOFR+525			15,514		15,338		14,769
MOREgroup Holdings, Inc.	3/22/2024	1/16/2030		Business Services	9.25%			SOFR+525			12,935		12,788		12,935
Municipal Emergency Services, Inc.	4/11/2023	10/1/2027		Distributors	9.15%			SOFR+515			3,360		3,332		3,360
NBH Group, LLC	8/25/2021	8/19/2026		Healthcare, Education & Childcare	10.12%			SOFR+585			10,352		10,304		10,352
NORA Acquisition, LLC	10/2/2023	8/31/2029		Healthcare Providers and Services	10.35%			SOFR+635			21,059		20,761		20,901
Omnia Exterior Solutions, LLC	11/1/2024	12/31/2029		Diversified Consumer Services	9.26%			SOFR+525			16,958		16,824		16,619
One Stop Mailing, LLC	7/8/2021	5/7/2027		Air Freight and Logistics	10.53%			SOFR+636			15,484		15,358		15,484
ORL Acquisition, Inc. (5)	5/22/2025	9/3/2027		Consumer Finance	13.70%			SOFR+940			2,231		2,220		1,975
OSP Embedded Purchaser, LLC	11/19/2024	12/17/2029		Aerospace and Defense	9.76%			SOFR+575			14,900		14,695		14,691
Output Services Group, Inc. - First-Out Term Loan	12/1/2023	11/30/2028		Business Services	12.71%			SOFR+843			821		821		821
Output Services Group, Inc. - Last-Out Term Loan	12/1/2023	5/30/2028		Business Services	10.96%			SOFR+668			1,667		1,667		1,667
PCS MIDCO, Inc.	4/10/2025	3/1/2030		Diversified Consumer Services	9.75%			SOFR+575			3,833		3,787		3,833
Pacific Purchaser, LLC	1/12/2024	10/2/2028		Business Services	10.42%			SOFR+625			11,818		11,669		11,770
PAR Excellence Holdings, Inc.	10/16/24	9/3/2030		Healthcare Technology	9.17%			SOFR+500			10,933		10,836		10,741
Paving Lessor Corp. First Lien -Term Loan	8/28/2025	7/1/2031		Business Services	9.25%			SOFR+525			9,963		9,896		9,888
Penta Group Holdings, Inc.	9/8/2025	7/31/2031		Professional Services	8.81%			SOFR+450			5,000		4,979		4,975
Pink Lily Holdco, LLC (5),(7)	11/30/2021	11/9/2027		Textiles, Apparel and Luxury Goods	4.35%				—		8,359		8,323		3,343
Pragmatic Institute, LLC	3/28/2025	3/28/2030		Education	9.50%			SOFR+550			4,200		4,200		3,045
Project Granite Buyer, Inc.	5/22/2025	12/31/2030		Professional Services	9.75%			SOFR+575			6,467		6,375		6,532
Rancho Health MSO, Inc.	4/11/2023	6/20/2029		Healthcare Providers and Services	9.29%			SOFR+500			18,781		18,717		18,781
Recteq, LLC	2/24/2021	1/29/2026		Leisure Products	10.40%			SOFR+640			4,775		4,768		4,763
Ro Health, LLC	3/3/2025	1/17/2031		Healthcare Providers and Services	8.50%			SOFR+450			10,518		10,449		10,518
RRA Corporate, LLC	4/10/2025	8/15/2029		Diversified Consumer Services	9.25%			SOFR+525			7,700		7,639		7,654
RTIC Subsidiary Holdings, LLC	11/1/2024	5/3/2029		Leisure Products	9.75%			SOFR+575			9,875		9,758		9,776
Rural Sourcing Holdings, Inc.	9/6/2023	6/15/2029		High Tech Industries	9.92%			SOFR+575			4,303		4,245		3,873
Sabel Systems Technology Solutions, LLC	11/11/2024	10/31/2030		Government Services	9.91%			SOFR+575			5,955		5,905		5,955
Safe Haven Defense US, LLC	9/19/2024	5/23/2029		Construction and Building	9.50%			SOFR+550			9,864		9,747		9,815
Sales Benchmark Index, LLC	1/27/2021	7/7/2026		Professional Services	10.20%			SOFR+620			9,186		9,172		9,186
Sath Industries, LLC	4/10/2025	12/17/2029		Event Services	9.66%			SOFR+550			10,306		10,213		10,306
Schlesinger Global, Inc. (6)	9/30/2021	10/24/2025		Business Services	12.76%			SOFR+860			6,647		6,647		6,315
Seaway Buyer, LLC	4/11/2023	6/13/2029		Chemicals, Plastics and Rubber	10.15%			SOFR+615			4,850		4,802		4,523
Sigma Defense Systems, LLC	12/27/2021	12/20/2027		Aerospace and Defense	10.31%			SOFR+615			18,078		17,812		18,078
Smile Brands, Inc.	1/27/2021	10/12/2027		Healthcare and Pharmaceuticals	10.10%			SOFR+610			12,294		12,212		10,609
Spendmend Holdings, LLC	4/11/2023	3/1/2028		Healthcare Technology	9.15%			SOFR+515			4,029		3,989		4,029
STG Distribution, LLC - First Out New Money Term Loans (5)	10/24/2024	10/3/2029		Air Freight and Logistics	12.57%			SOFR+835			1,961		1,871		1,745
STG Distribution, LLC - Second Out Term Loans (5),(7)	5/22/2025	10/3/2029		Air Freight and Logistics	5.32%				—		4,535		2,562		363
SV-Aero Holdings, LLC	10/31/2024	11/1/2030		Aerospace and Defense	9.00%			SOFR+500			14,719		14,656		14,719
Systems Planning And Analysis, Inc.	3/15/2022	8/16/2027		Aerospace and Defense	8.92%			SOFR+475			14,438		14,345		14,322
TMII Enterprises, LLC	4/11/2023	12/22/2028		Commercial Services & Supplies	8.66%			SOFR+450			2,873		2,835		2,873
TCG 3.0 Jogger Acquisitionco, Inc.	4/26/2024	1/23/2029		Media	10.52%			SOFR+650			19,429		19,179		19,332
Team Services Group, LLC	10/4/2022	12/20/2027		Healthcare and Pharmaceuticals	9.56%			SOFR+525			5,327		5,141		5,305
The Bluebird Group, LLC	8/9/2021	7/28/2026		Professional Services	9.90%			SOFR+590			7,985		7,943		7,985
The Vertex Companies, LLC	4/11/2023	8/31/2028		Construction and Engineering	8.93%			SOFR+475			17,482		17,309		17,395
TPC US Parent, LLC	4/11/2023	11/24/2025		Consumer Goods: Non-Durable	10.19%			SOFR+590			16,355		16,341		16,224
Transgo, LLC	1/19/2024	12/29/2028		Automotive	9.91%			SOFR+575			15,880		15,694		16,005
Tyto Athene, LLC	5/5/2021	4/3/2028		IT Services	9.19%			SOFR+490			14,604		14,530		14,238
Urology Management Holdings, Inc.	4/11/2023	6/15/2027		Healthcare and Pharmaceuticals	9.66%			SOFR+550			6,753		6,718		6,753
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5)	8/29/2025	3/1/2029		Wholesale		—			—		353		—		12
Walker Edison Furniture Company, LLC - New Money DIP (5)	8/29/2025	3/1/2029		Wholesale	10.00%				—		134		134		136
Watchtower Buyer, LLC	5/20/2024	12/3/2029		Diversified Consumer Services	10.00%			SOFR+600			12,066		11,914		11,946
Wash & Wax Systems LLC (5)	4/30/2025	4/30/2028		Automobiles	9.81%			SOFR+550			5,847		5,947		5,964
Total First Lien Secured Debt													1,083,891		1,066,863
Subordinate Debt - 14.8% of Net Assets
Integrative Nutrition, LLC	4/17/2025	4/15/2030		Diversified Consumer Services		—			—		1,877		1,628		1,605
Integrative Nutrition, LLC	4/17/2025	4/15/2033		Diversified Consumer Services		—			—		4,275		1,977		1,977
Wash & Wax Systems LLC	4/30/2025	7/30/2028		Automobiles	12.00%				—		3,932		3,932		3,932
Total Subordinate Debt													7,537		7,514
Equity Securities - 20.3% of Net Assets
48Forty Intermediate Holdings, Inc. - Common Equity	11/5/2024		—	Containers and Packaging		—			—		1,722		—		—
New Insight Holdings, Inc. - Common Equity	7/15/2024		—	Diversified Consumer Services		—			—		116,055		2,031		1,740
Lucky Bucks, LLC - Common Equity	12/1/2023		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		392
Output Services Group, Inc. - Common Equity	12/1/2023		—	Business Services		—			—		126,324		1,012		1,037
Pragmatic Holdco, Inc. - Common Equity	3/28/2025		—	Education		—			—		134		—		—
Wash & Wax Group, LP - Common Equity	4/30/2025		—	Automobiles		—			—		2,493		4,449		4,593
White Tiger Newco, LLC - Common Equity (5)	7/31/2025		—	Automobiles		—			—		35,834		2,734		2,510
Total Equity Securities													12,288		10,272
Total Investments - 2,141.5% of Net Assets (6)(8)													1,103,716		1,084,649

Cash and Cash Equivalents - 121.5% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)						4.11	%						12,475		12,475
Blackrock Liquidity Fed Fund Inst (Money Market Fund)						4.02	%						4,265		4,265
JP Morgan USD Liquidity Inst (Money Market Fund)						4.10	%						14,682		14,682


Issuer Name	Acquisition	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par or Number of Shares	Cost		Fair Value (2)
JP Morgan US Government Fund (Money Market Fund)					4.02	%				10,539		10,539
Goldman Sachs Financial Square Government Fund (Money Market Fund)					4.10	%				5,909		5,909
Non-Money Market Cash										13,690		13,690
Total Cash and Cash Equivalents										61,560		61,560
Total Investments and Cash Equivalents —2,263.0% of Net Assets									$	1,165,276	$	1,146,209
Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets												(1,095,559	)
Members' Equity—100.0%											$	50,650

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSSL’s accounting policy.

(3)

Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(4)

Non-accrual security.

(5)

The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.

(6)

As of September 30, 2025, all investments are in U.S companies. Total cost, fair value, percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%.

(7)

Partial PIK non-accrual security

(8)

All of our investments are not registered under the 1933 Act and have restrictions on resale.

Below is a listing of PSSL’s individual investments as of September 30, 2024 (Par and $ in thousands):


Issuer Name	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par or Number of Shares		Cost		Fair Value (2)
First Lien Secured Debt - 1,404.5% of Net Assets
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies	10.95%	SOFR+610		2,903	$	2,855	$	2,903
ACP Avenu Buyer, LLC	10/2/2029	Business Services	10.58%	SOFR+525		9,925		9,771		9,602
ACP Falcon Buyer, Inc.	8/1/2029	Business Services	10.83%	SOFR+550		18,762		18,434		18,837
Ad.net Acquisition, LLC	5/7/2026	Media	11.28%	SOFR+626		8,708		8,658		8,708
Aeronix, Inc	12/18/2028	Aerospace and Defense	9.85%	SOFR+525		15,880		15,665		15,880
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging	11.30%	SOFR+610		12,722		12,481		12,213
Anteriad, LLC (f/k/a MeritDirect, LLC)	6/30/2026	Media: Advertising, Printing & Publishing	10.50%	SOFR+590		4,717		4,613		4,717
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	6/30/2026	Media: Advertising, Printing & Publishing	10.50%	SOFR+590		4,625		4,584		4,625
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies	10.50%	SOFR+590		11,155		11,058		10,988
Arcfield Acquisition Corp.	8/3/2029	Aerospace and Defense	11.56%	SOFR+625		11,115		10,967		11,059
Beacon Behavioral Services, LLC	6/21/2029	Healthcare and Pharmaceuticals	9.85%	SOFR+525		9,975		9,836		9,825
Beta Plus Technologies, Inc.	7/1/2029	Business Services	10.35%	SOFR+575		4,900		4,828		4,753
Big Top Holdings, LLC	2/28/2030	Business Services	11.18%	SOFR+625		15,423		15,167		15,423
BioDerm, Inc.	1/31/2028	Healthcare and Pharmaceuticals	11.70%	SOFR+650		8,888		8,797		8,776
Blackhawk Industrial Distribution, Inc.	9/17/2026	Distributors	11.00%	SOFR+640		14,974		14,779		14,718
BlueHalo Financing Holdings, LLC	10/31/2025	Aerospace and Defense	10.60%	SOFR+600		5,546		5,523		5,435
Broder Bros., Co.	12/4/2025	Consumer Products	10.97%	SOFR+611		2,274		2,274		2,274
Burgess Point Purchaser Corporation	9/26/2029	Automotive	10.20%	SOFR+535		442		417		416
By Light Professional IT Services, LLC	5/16/2025	High Tech Industries	12.18%	SOFR+698		13,084		13,059		13,084
Carnegie Dartlet, LLC	2/7/2030	Media: Advertising, Printing & Publishing	10.60%	SOFR+550		15,243		15,025		15,015
Cartessa Aesthetics, LLC	6/14/2028	Distributors	10.35%	SOFR+575		9,539		9,431		9,539
CF512, Inc.	8/20/2026	Media	11.21%	SOFR+619		6,751		6,682		6,649
Confluent Health, LLC	10/28/2028	Healthcare and Pharmaceuticals	8.96%	SOFR+400		6,708		6,506		6,540
Connatix Buyer, Inc.	7/13/2027	Media	10.53%	SOFR+561		3,775		3,734		3,775
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies	10.71%	SOFR+586		2,068		2,051		2,052
Dr. Squatch, LLC	8/31/2027	Personal Products	9.95%	SOFR+535		14,562		14,398		14,562
DRI Holding Inc.	12/21/2028	Media	10.20%	SOFR+535		2,600		2,420		2,509
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable	11.20%	SOFR+635		13,805		13,788		13,694
Dynata, LLC - First Out Term Loan (6)	7/15/2028	Diversified Consumer Services	10.38%	SOFR+526		1,360		1,264		1,358
Dynata, LLC - Last Out Term Loan	10/15/2028	Diversified Consumer Services	10.88%	SOFR+576		8,439		8,439		7,769
ECL Entertainment, LLC	8/31/2030	Hotel, Gaming and Leisure	8.85%	SOFR+400		4,963		4,894		4,973
EDS Buyer, LLC	1/10/2029	Electronic Equipment, Instruments, and Components	10.35%	SOFR+575		8,865		8,763		8,732
Exigo Intermediate II, LLC	3/15/2027	Software	11.20%	SOFR+635		12,546		12,418		12,484
ETE Intermediate II, LLC	5/29/2029	Diversified Consumer Services	11.56%	SOFR+650		12,249		12,032		12,249
Eval Home Solutions Intermediate, LLC	5/10/2030	Healthcare and Pharmaceuticals	10.60%	SOFR+575		9,268		9,132		9,176
Fairbanks More Defense	6/17/2028	Aerospace and Defense	9.65%	SOFR+450		10,117		10,071		10,128
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services	11.43%	SOFR+615		3,696		3,689		3,511
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors	10.45%	SOFR+560		3,723		3,686		3,685
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance	10.20%	SOFR+560		2,153		2,131		2,110
HEC Purchaser Corp	6/17/2029	Healthcare and Pharmaceuticals	9.75%	SOFR+550		3,691		3,648		3,665
Hills Distribution, Inc	11/8/2029	Business Services	11.11%	SOFR+600		8,957		8,835		8,868
HW Holdco, LLC	5/10/2026	Media	11.18%	SOFR+590		3,486		3,475		3,486
Imagine Acquisitionco, LLC	11/15/2027	Software	10.20%	SOFR+510		9,154		9,018		9,108
Infinity Home Services Holdco, Inc.	12/28/2028	Commercial Services & Supplies	11.45%	SOFR+685		6,029		5,932		6,089
Integrative Nutrition, LLC	1/31/2025	Diversified Consumer Services	11.75%	SOFR+715		11,287		11,274		9,707
			(PIK 2.25%)
Inventus Power, Inc.	6/30/2025	Consumer Goods: Durable	12.46%	SOFR+761		8,164		8,094		8,041
ITI Holdings, Inc.	3/3/2028	IT Services	10.58%	SOFR+565		3,900		3,855		3,900
Kinetic Purchaser, LLC	11/10/2027	Personal Products	10.75%	SOFR+615		13,492		13,289		13,492
Lash OpCo, LLC	2/18/2027	Personal Products	12.94%	SOFR+785		14,731		14,539		14,584
			(PIK 5.10%)
LAV Gear Holdings, Inc. (6)	10/31/2025	Capital Equipment	11.42%	SOFR+643		12,125		12,102		11,907
LAV Gear Holdings, Inc. - Term Loan Incremental	10/31/2025	Capital Equipment	11.64%	SOFR+640		2,861		2,856		2,810
Lightspeed Buyer Inc.	2/3/2026	Healthcare Providers and Services	10.15%	SOFR+535		11,330		11,258		11,330
LJ Avalon Holdings, LLC	1/31/2030	Environmental Industries	10.48%	SOFR+525		2,559		2,516		2,559
Loving Tan Intermediate II, Inc.	5/31/2028	Consumer Products	11.10%	SOFR+650		7,407		7,288		7,296
Lucky Bucks, LLC - First-Out Term Loan (6)	10/2/2028	Hotel, Gaming and Leisure	12.77%	SOFR+765		259		259		259
Lucky Bucks, LLC - Last-Out Term Loan	10/2/2029	Hotel, Gaming and Leisure	12.77%	SOFR+765		518		518		518
MAG DS Corp	4/1/2027	Aerospace and Defense	10.20%	SOFR+550		2,218		2,143		2,085
Magenta Buyer, LLC - First-Out Term Loan	7/31/2028	Software	12.13%	SOFR+701		357		357		337
Magenta Buyer, LLC - Second-Out Term Loan	7/31/2028	Software	12.38%	SOFR+801		452		452		310
Magenta Buyer, LLC - Third-Out Term Loan	7/31/2028	Software	11.63%	SOFR+726		1,675		1,675		490
Marketplace Events, LLC - Super Priority First Lien Term Loan (6)	9/30/2025	Media: Diversified and Production	10.38%	SOFR+540		1,845		1,845		1,845
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(6)	9/30/2025	Media: Diversified and Production	0.00%			564		-		-
Marketplace Events, LLC (6)	9/30/2026	Media: Diversified and Production	10.53%	SOFR+525		4,837		4,068		4,837
MBS Holdings, Inc.	4/16/2027	Internet Software and Services	10.59%	SOFR+585		7,256		7,183		7,256
MBS Holdings, Inc. (New Issue) - Incremental	4/16/2027	Internet Software and Services	11.34%	SOFR+660		523		514		528
MBS Holdings, Inc. (New Issue) - Second Incremental	4/16/2027	Internet Software and Services	11.09%	SOFR+635		551		543		554
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber	10.60%	SOFR+575		4,900		4,829		4,851
MDI Buyer, Inc. - Incremental	7/25/2028	Chemicals, Plastics and Rubber	11.25%	SOFR+600		1,416		1,395		1,409
Meadowlark Acquirer, LLC	12/10/2027	Professional Services	10.50%	SOFR+590		2,348		2,319		2,289

Below is a listing of PSSL’s individual investments as of September 30, 2024 (continued):


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value(2)
Medina Health, LLC	10/20/2028		Healthcare and Pharmaceuticals		10.85	%	SOFR+625			19,199		18,911		19,199
Megawatt Acquisitionco, Inc	3/1/2030		Electronic Equipment, Instruments, and Components		9.85	%	SOFR+525			15,671		15,453		14,794
Mission Critical Electronics, Inc.	3/31/2025		Capital Equipment		10.50	%	SOFR+590			5,551		5,551		5,551
MOREGroup Holdings, Inc	1/16/2030		Business Services		10.35	%	SOFR+575			13,067		12,891		12,871
Municipal Emergency Services, Inc.	9/28/2027		Distributors		9.75	%	SOFR+515			3,395		3,355		3,395
NBH Group LLC	8/19/2026		Healthcare, Education & Childcare		11.05	%	SOFR+585			10,602		10,504		10,284
NORA Acquisition, LLC	8/31/2029		Healthcare Providers and Services		10.95	%	SOFR+635			21,274		20,913		21,274
One Stop Mailing, LLC	5/7/2027		Air Freight and Logistics		11.21	%	SOFR+636			15,682		15,480		15,682
ORL Acquisitions, Inc.	9/3/2027		Consumer Finance		14.00	%	SOFR+940			2,140		2,124		1,819
				(PIK 7.50%)
Output Services Group, Inc - First-Out Term Loan	11/30/2028		Business Services		13.75	%	SOFR+843			821		821		821
Output Services Group, Inc - Last-Out Term Loan	5/30/2028		Business Services		12.00	%	SOFR+668			1,667		1,667		1,667
Owl Acquisition, LLC	2/4/2028		Professional Services		10.20	%	SOFR+535			3,893		3,842		3,825
Ox Two, LLC	5/18/2026		Construction and Building		11.12	%	SOFR+651			4,307		4,282		4,307
Pacific Purchaser, LLC	9/30/2028		Business Services		11.51	%	SOFR+625			11,938		11,745		11,914
PCS Midco, Inc	3/1/2030		Diversified Consumer Services		10.81	%	SOFR+575			3,871		3,818		3,871
PH Beauty Holdings III, Inc.	9/29/2025		Wholesale		10.17	%	SOFR+543			9,391		9,289		9,302
PL Acquisitionco, LLC	11/9/2027		Textiles, Apparel and Luxury Goods		11.99	%	SOFR+725			7,816		7,733		6,253
				(PIK 4.00%)
Pragmatic Institute, LLC (5)	7/6/2028		Education		12.35	%	SOFR+750			11,855		11,480		7,261
				(PIK 12.35%)
Quantic Electronics, LLC	11/19/2026		Aerospace and Defense		10.95	%	SOFR+635			2,775		2,758		2,761
Rancho Health MSO, Inc.	12/18/2025		Healthcare Providers and Services		10.85	%	SOFR+560			1,016		1,016		1,016
Reception Purchaser, LLC	2/28/2028		Air Freight and Logistics		10.75	%	SOFR+615			4,875		4,828		3,656
Recteq, LLC	1/29/2026		Leisure Products		11.75	%	SOFR+715			4,825		4,796		4,777
RTIC Subsidiary Holdings, LLC	5/3/2029		Consumer Goods: Durable		10.35	%	SOFR+575			9,975		9,830		9,776
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/15/2029		High Tech Industries		10.35	%	SOFR+575			4,336		4,266		4,282
Safe Haven Defense US, LLC	5/23/2029		Construction and Building		9.85	%	SOFR+525			9,973		9,830		9,873
Sales Benchmark Index LLC	1/3/2025		Professional Services		10.80	%	SOFR+620			9,268		9,260		9,268
Sargent & Greenleaf Inc.	12/20/2024		Wholesale		12.45	%	SOFR+760			4,916		4,906		4,916
				(PIK 1.00%)
Schlesinger Global, Inc.	7/14/2025		Business Services		13.20	%	SOFR+835			12,388		12,387		12,078
				(PIK 0.50%)
Seaway Buyer, LLC	6/13/2029		Chemicals, Plastics and Rubber		10.75	%	SOFR+615			4,900		4,842		4,729
Sigma Defense Systems, LLC	12/18/2027		Aerospace and Defense		11.50	%	SOFR+690			18,620		18,370		18,434
Simplicity Financial Marketing Group Holdings, Inc	12/2/2026		Diversified Financial Services		11.00	%	SOFR+640			11,359		11,206		11,472
Skopima Consilio Parent, LLC	5/17/2028		Business Services		9.46	%	SOFR+461			1,290		1,268		1,289
Smartronix, LLC	11/23/2028		Aerospace and Defense		10.35	%	SOFR+610			4,863		4,800		4,863
Smile Brands Inc.	10/14/2025		Healthcare and Pharmaceuticals		10.20	%	SOFR+550			11,887		11,860		10,520
				(PIK 1.50%)
Solutionreach, Inc.	7/17/2025		Healthcare and Pharmaceuticals		12.40	%	SOFR+715			4,582		4,560		4,582
Spendmend Holdings LLC	3/1/2028		Healthcare Technology		10.25	%	SOFR+565			4,070		4,017		4,070
Summit Behavioral Healthcare, LLC	11/24/2028		Healthcare and Pharmaceuticals		9.31	%	SOFR+425			1,777		1,700		1,653
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027		Aerospace and Defense		10.26	%	SOFR+500			14,588		14,445		14,558
TCG 3.0 Jogger Acquisitionco	1/23/2029		Media		11.10	%	SOFR+650			19,626		19,312		19,430
Team Services Group, LLC	11/24/2028		Healthcare and Pharmaceuticals		9.95	%	SOFR+500			343		332		338
Teneo Holdings, LLC	3/13/2031		Business Services		9.60	%	SOFR+475			5,473		5,418		5,490
The Bluebird Group LLC	07/27/26		Professional Services		11.25	%	SOFR+665			8,521		8,427		8,521
The Vertex Companies, LLC	08/31/27		Construction and Engineering		10.95	%	SOFR+610			7,636		7,538		7,639
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/25		Consumer Goods: Non-Durable		10.84	%	SOFR+565			16,524		16,394		16,524
Transgo, LLC	12/29/28		Automotive		10.60	%	SOFR+575			18,552		18,293		18,552
TWS Acquisition Corporation	06/16/25		Diversified Consumer Services		11.33	%	SOFR+640			943		943		943
Tyto Athene, LLC	04/01/28		IT Services		10.23	%	SOFR+490			14,670		14,585		14,376
Urology Management Holdings, Inc.	06/15/26		Healthcare and Pharmaceuticals		10.76	%	SOFR+550			6,823		6,742		6,755
Walker Edison Furniture Company LLC (4)(6)	03/01/29		Wholesale		0.00	%				5,441		4,986		490
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6)	03/01/29		Wholesale		0.00	%				1,667		1,667		1,667
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6)	03/01/29		Wholesale		0.00	%				83		-		(76	)
Watchtower Buyer, LLC	12/03/29		Diversified Consumer Services		10.60	%	SOFR+600			12,189		12,007		12,067
Wildcat Buyerco, Inc.	02/27/27		Electronic Equipment, Instruments, and Components		10.60	%	SOFR+575			16,014		15,916		16,014
Zips Car Wash, LLC	12/31/24		Automobiles		12.46	%	SOFR+740			16,736		16,722		15,983
				(PIK 1.50%)
Total First Lien Secured Debt												920,485		906,532

Equity Securities - 10.5% of Net Assets
New Insight Holdings, Inc.		—	Diversified Consumer Services		—			—		116,055	$	2,031	$	2,031
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		904
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		47		-		2,710
Output Services Group, Inc		—	Business Services		—			—		126,324		1,012		1,104
Walker Edison Furniture - Common Equity		—	Wholesale		—			—		36,458		3,393		-


Issuer Name	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par or Number of Shares	Cost		Fair Value(2)
Total Equity Securities							8,498		6,749
Total Investments - 1,415.0% of Net Assets (7)(8)							928,983		913,281
Cash and Cash Equivalents - 106.0% of Net Assets
BlackRock Federal FD Institutional 30 (Money Market Fund)							68,429		68,429
Total Cash and Cash Equivalents							68,429		68,429
Total Investments and Cash Equivalents —1,521.0% of Net Assets						$	997,412	$	981,710
Liabilities in Excess of Other Assets — (1,421.0)% of Net Assets									(917,163	)
Members' Equity—100.0%								$	64,547

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSSL’s accounting policy.

(3)

(4)

Non-accrual security

(5)

Partial PIK non-accrual security

(6)

The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd., or, 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC.

(7)

As of September 30, 2024, all investments are in U.S companies. Total cost, fair value, and percentage of Net Assets for the U.S Companies were $929.0 million, $913.3 million and 1,415.0%.

(8)

All of our investments are not registered under the 1933 Act and have restrictions on resale.

Below are the consolidated statements of assets and liabilities for PSSL (in thousands):


	September 30, 2025		September 30, 2024
Assets
Investments at fair value (amortized cost—$1,103,716 and $928,983, respectively)	$	1,084,649	$	913,281
Cash and cash equivalents (cost—$61,560 and $68,429, respectively)		61,560		68,429
Interest receivable		4,138		4,722
Receivable for investments sold		838		—
Due from affiliate		208		48
Prepaid expenses and other assets		2,296		1,642
Total assets		1,153,689		988,122
Liabilities
Credit facility payable		74,500		146,100
2035 Asset-backed debt, net (par—$0 and $246,000, respectively) (unamortized deferred financing costs of $0 and $2,066, respectively)		—		243,934
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,341 and $1,628, respectively)		244,659		244,372
2037 Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $1,904 and $0, respectively)		244,096		—
2037-R Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $2,518 and $0, respectively)		243,481		—
Notes payable to members		271,600		271,600
Interest payable on Credit facility and asset backed debt		16,868		9,281
Payable for investments purchased		—		86
Interest payable on notes to members		6,788		7,315
Accrued expenses		997		822
Due to affiliate		50		65
Total liabilities		1,103,039		923,575
Members' equity		50,650		64,547
Total liabilities and members' equity	$	1,153,689	$	988,122

(1)

As of both September 30, 2025 and 2024, PSSL had $0.4 million and $0.6 million unfunded commitments to fund investments, respectively.

Below are the consolidated statements of operations for PSSL (in thousands):


	Year Ended September 30, 2025			Year Ended September 30, 2024
Investment income:
Interest	$	112,801		$	109,094
Other income		1,540			1,191
Total investment income		114,341			110,285
Expenses:
Interest and expenses on credit facility and asset-backed debt		56,117			54,814
Interest expense on notes to members		34,221			34,186
Administration services expenses		2,819			2,354
Other General and administrative expenses (1)		1,556			1,464
Expenses before debt issuance costs		94,713			92,818
Debt issuance costs		200			999
Total expenses		94,913			93,817
Net investment income		19,428			16,468
Realized and unrealized (loss) gain on investments and debt:
Net realized (loss) gain on investments		(34,323	)		(8,914	)
Realized loss on debt extinguishment		(1,637	)		(705	)
Net change in unrealized (depreciation) appreciation on investments		(3,365	)		3,048
Net realized and unrealized gain (loss) on investments and debt		(39,325	)		(6,571	)
Net increase (decrease) in members' equity resulting from operations	$	(19,897	)	$	9,897

(1)

No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Consolidated Statements of Operations.

PennantPark Senior Secured Loan Fund II LLC

In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II will invest primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II will invest in portfolio companies in the same industries in which we may directly invest. As of September 30, 2025, PSSL II had not commenced operations.

We and HL have committed to invest up to $200 million in the aggregate in the PSSL II, with the Company committing to invest up to $150 million and HL committing to invest up to $50 million. Investments by each of the Company and HL will be made in the form of membership interests and secured notes. The Company's commitment will consist of $105 million in secured notes and $45 million in membership interests. HL's commitment will consist of $35 million in secured notes and $15 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL.